Manitex announces sale of Liftking subsidiary to Mi-Jack Products for $14M
Manitex announced that it has sold its Liftking subsidiary to a newly formed subsidiary of Mi-Jack Products for $14M. Mi-Jack, based in Hazel Crest, IL, is a privately-held manufacturer and service provider for rubber and track mounted gantry cranes and industrial cranes in support of the Intermodal and Industrial markets. The transaction, which closed September 30, yielded net cash proceeds of approximately $13.3M to Manitex, which the company will use for further pay downs of its North American bank debt. Trailing 12 months revenue and EBITDA for Liftking were approximately $18M and $2M, respectively. Liftking was originally acquired by Manitex in November 2006 for consideration of $7.1M.